In a significant move to bolster its startup ecosystem, South Korea has launched the ‘Startup Korea Special Visa’ program, designed to attract foreign entrepreneurs and global startups. This initiative, introduced by the Ministry of SMEs and Startups (MSS) and the Ministry of Justice, aims to simplify the entry of innovative talent into South Korea by providing a new, flexible visa pathway that assesses applicants on qualitative criteria. Applications open on November 7, 2024.
The Startup Korea Special Visa differs from the existing D-8-4 tech startup visa, which mandates quantitative benchmarks like participation in the OASIS immigration talent program or selection in the K-Startup Grand Challenge. Instead, the new visa will focus on evaluating applicants based on their business viability, innovation potential, market entry feasibility, and projected economic impact. This approach is expected to make South Korea an attractive destination for entrepreneurs from around the world, contributing to the country’s goal of becoming a leading global startup hub.
To facilitate this process, a private expert committee will conduct evaluations. Promising foreign startups will be identified and recommended by the MSS, while the Ministry of Justice will handle the final visa issuance, aligning with recent updates to South Korea’s immigration policy, introduced in September 2024. This joint effort reflects South Korea’s commitment to fostering innovation and integrating global talent into its economy.
Minister of Justice Park Sung-jae emphasized that the visa aligns with South Korea’s new immigration policies, aimed at building a competitive edge through foreign entrepreneurship. “We anticipate that the ‘Startup Korea Special Visa’ will attract talented, innovative individuals who can establish and grow world-leading companies here in South Korea,” he said. “This initiative is designed to position Korea as a destination for ambitious entrepreneurs, furthering our national competitiveness.”
MSS Minister Oh Young-joo echoed this sentiment, noting, “The Ministry of SMEs and Startups has prioritized foreign entrepreneurship in 2024, and we expect this new visa to play a significant role in attracting international startup talent and promoting the globalization of South Korea’s startup ecosystem.”
The application process for the ‘Startup Korea Special Visa’ will run from November 7 to November 20, 2024. Entrepreneurs can apply through two official channels: the K-Startup portal and the Global Startup Center website. Following the private committee’s review, the first round of visas will be issued by the end of November, providing expedited entry for approved startups.
Eligible foreign entrepreneurs can apply at Korean diplomatic missions abroad or at local immigration offices if they are already in the country. This streamlined, innovation-focused visa process is expected to facilitate startup establishment in South Korea and enhance the country’s reputation as an innovation and entrepreneurship hub in Asia.
This new visa program marks a proactive step by the South Korean government to attract high-potential, international startups, positioning the country as a lucrative destination for global entrepreneurship, foreign investment and driving innovation.
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